Currency Weakness Continues to Hurt Vodafone’s Results; Shares Slightly Undervalued
Vodafone reported fiscal first-half results that continue to be hurt by negative currency moves. The firm’s reported revenue fell 3.9% year over year, versus our full-year projection of a 4.4% gain. However, group service revenue grew 2.3% on an organic basis. We believe this is the more relevant figure, and we don’t expect any significant changes to our fair value estimate. We are pleased to see that the second-quarter results are generally stronger than those of the first quarter, supporting m...
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